The relationship between affect and risk taking is investigated. One hypothesis is that the elicitation of positive affect leads to enhanced risk taking if the subject believes that the probability of negative outcome is slight. Another hypothesis is that the elicitation of positive affect leads to decreased risk taking if the subject estimates the probability of negative outcome is high. In one experiment subjects wager a certain number of chips; in another experiment subjects are presented with imaginary situations involving alternative choices each of which has a different degree of risk associated with it.